Advanced Engine Components (ACE)

Engine developer
Advanced Engine Components
has announced plans to raise equity and restructure its debt.

The share placement, rights issue and debt restructure will provide an immediate $1.2 million cash injection, introduce working capital funds of $2.9 million to $4.3 million, and reduce current liabilities by $4.1 million.

The $1.2 million cash injection will come from a single investor who has agreed to purchase 21,818,182 shares at 5.5¢ apiece.

Upon completion of the share placement, AEC will make a non-renounceable rights issue offer to shareholders, including the single investor, on the basis of one new share for every three shares held.